Steppe Cement proposes $4.35m capital reduction

(Sharecast News) - Steppe Cement proposed a capital repayment of about 1.5p per share via a reduction of capital on Friday, calling an extraordinary general meeting for 5 December to seek shareholder approval. The AIM-traded Kazakh cement producer said it intended to return $4.35m in cash to shareholders through a capital reduction under Section 53(9A) of the Labuan Companies Act.

It said the reduction would lower the company's share capital from $65.4m to $61m, while the number of shares in issue will remain unchanged at 219 million.

The repayment would be made in sterling to shareholders on the record date, with the company estimating the distribution will amount to roughly 1.5 pence per ordinary share.

It said the EGM would take place at the company's offices in Kuala Lumpur.

At 1407 GMT, shares in Steppe Cement were down 1.11% at 17.8p.

Reporting by Josh White for Sharecast.com.